Q2 2018 Earnings Estimate for Conagra Brands Inc. Issued By Jefferies Group (CAG)
Conagra Brands Inc. (NYSE:CAG) – Investment analysts at Jefferies Group dropped their Q2 2018 earnings per share estimates for shares of Conagra Brands in a research report issued to clients and investors on Thursday. Jefferies Group analyst A. Jagdale now forecasts that the company will post earnings of $0.52 per share for the quarter, down from their prior forecast of $0.53. Jefferies Group currently has a “Buy” rating and a $40.00 target price on the stock. Jefferies Group also issued estimates for Conagra Brands’ Q4 2018 earnings at $0.41 EPS, Q4 2019 earnings at $0.46 EPS, Q1 2020 earnings at $0.53 EPS and FY2021 earnings at $2.43 EPS.
Conagra Brands (NYSE:CAG) last posted its quarterly earnings data on Thursday, September 28th. The company reported $0.46 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.06. The company had revenue of $1.80 billion during the quarter, compared to analysts’ expectations of $1.79 billion. Conagra Brands had a net margin of 7.83% and a return on equity of 18.35%. The firm’s revenue for the quarter was down 4.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.37 earnings per share.
Several other equities research analysts have also commented on CAG. UBS AG restated a “sell” rating and set a $33.00 target price (down from $35.00) on shares of Conagra Brands in a research report on Friday, June 30th. Zacks Investment Research upgraded shares of Conagra Brands from a “sell” rating to a “hold” rating in a research report on Monday. Royal Bank Of Canada restated a “buy” rating and set a $45.00 target price on shares of Conagra Brands in a research report on Friday, September 29th. BidaskClub upgraded shares of Conagra Brands from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 12th. Finally, Credit Suisse Group AG set a $39.00 target price on shares of Conagra Brands and gave the stock a “hold” rating in a research report on Saturday, July 1st. Three analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $41.31.
Conagra Brands (CAG) traded up 0.23% during trading on Friday, reaching $34.18. 764,166 shares of the company’s stock were exchanged. The firm has a market capitalization of $14.19 billion, a price-to-earnings ratio of 24.57 and a beta of 0.31. The stock has a 50-day moving average price of $33.84 and a 200 day moving average price of $36.57. Conagra Brands has a 52 week low of $32.16 and a 52 week high of $41.68.
Conagra Brands announced that its board has approved a stock repurchase program on Thursday, June 29th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 6.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 30th. Investors of record on Friday, October 13th will be given a $0.2125 dividend. The ex-dividend date of this dividend is Monday, October 30th. This represents a $0.85 annualized dividend and a dividend yield of 2.49%. Conagra Brands’s dividend payout ratio is presently 60.28%.
In related news, Director Ruth Ann Marshall sold 6,046 shares of the business’s stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $33.22, for a total value of $200,848.12. Following the sale, the director now directly owns 89,260 shares in the company, valued at approximately $2,965,217.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.79% of the stock is owned by insiders.
Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of Conagra Brands by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 46,312,610 shares of the company’s stock worth $1,868,249,000 after buying an additional 1,175,244 shares in the last quarter. BlackRock Inc. boosted its position in shares of Conagra Brands by 2,749.9% in the 1st quarter. BlackRock Inc. now owns 26,966,885 shares of the company’s stock worth $1,087,846,000 after buying an additional 26,020,645 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Conagra Brands by 3.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 8,445,440 shares of the company’s stock worth $302,009,000 after buying an additional 285,685 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Conagra Brands by 17.8% in the 2nd quarter. American Century Companies Inc. now owns 7,277,792 shares of the company’s stock worth $260,254,000 after buying an additional 1,100,589 shares in the last quarter. Finally, TIAA CREF Investment Management LLC boosted its position in shares of Conagra Brands by 21.6% in the 1st quarter. TIAA CREF Investment Management LLC now owns 6,575,883 shares of the company’s stock worth $265,271,000 after buying an additional 1,169,432 shares in the last quarter. Institutional investors and hedge funds own 78.38% of the company’s stock.
Conagra Brands Company Profile
Conagra Brands, Inc, formerly ConAgra Foods, Inc, operates as a packaged food company. The Company operates through two segments: Consumer Foods and Commercial Foods. The Company sells branded and customized food products, as well as commercially branded foods. It also supplies vegetable, spice and grain products to a range of restaurants, foodservice operators and commercial customers.
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